How Technologies Improve Business Planning and Management: Blockchain for ERP Systems

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How Technologies Improve Business Planning and Management: Blockchain for ERP SystemsSource: Data flow security is a crucial part of the workSource: Blockchain is effective for storing and verifying Source: Blockchain-based ERP provides high-quality data
How Technologies Improve Business Planning and Management: Blockchain for ERP Systems
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How Technologies Improve Business Planning and Management: Blockchain for ERP Systems
Implementation of Enterprise Resource Planning (ERP) systems has been a successful transformation for businesses in different industries. These systems serve basic business processes, including inventory and order management, accounting, HR, customer relations management, supply chain, etс. The business functions are well-coordinated and optimized due to a single interlinked database accessible to employees of different departments.
Deployment of a digital background of business processes is a common practice, although it still has some shortcomings. For example, classic ERP systems are not adequately protected. External interference in the company's cyberspace threatens the integrity and security of the organization. Maintenance and support of regular ERP systems are not affordable for most companies. Strong security also raises the cost of the software, making the implementation unprofitable.

From the other side, ERP is not always successful for different reasons. Lack of efficiency, slow operation and the requirement of expensive technical equipment can disappoint both the management of the company and the employees.

A well-planned and managed system that combines ERP and blockchain will improve employees' productivity and customer satisfaction much more effectively. Blockchain solves numerous issues related to security and transparency. The blockchain-based ERP system will provide additional significant benefits for company with minimum costs.

Data Security

Data flow security is a crucial part of the organization's work. Previously, blockchain was associated with the public decentralized ledger. With the appearance of private blockchains, it became possible to bring distributed ledger technology into the business software. FCE Blockchain was one of the first developed especially for business purposes.

In practice, this means the resilience and sustainability of ERP systems. When corporate data is stored in a regular data server, it can be corrupted or lost. On the contrary, when the software is based on the blockchain, the inaccurate information is automatically and instantly rejected by the system.

Common errors in the corporate environment can lead to losses and fines, but the blockchain traces all inaccuracies in the database and prevents mistakes.

Improvement of Transaction Management

Blockchain is effective not only for storing and verifying information but also to make the complex specified transactions, - the smart contracts. Once the conditions of the transaction are set, the contract is automatically initiated and processed.

The accuracy, instantaneity, and security of these smart algorithms are the reasons to entrust blockchain the automation of the billing process. FCE provides SMACO – the tool for using smart contracts in the business sphere. There are the library of presets and customizable smart contract with a range of functions.

Smart contracts transform accounting work, excluding primary paperwork, displaying, and storing all transactions in the blockchain. The blockchain-based ERP system allows you to receive financial statements instantly and accurately. The system of smart contracts can bear processing orders, interaction with suppliers, logisticians, and other partners of the company. Due to the blockchain, which acts as an intermediary and notary in transactions, the risk in digital transactions becomes extremely low.
Source: Data flow security is a crucial part of the work
Source: Data flow security is a crucial part of the work
Source: Blockchain is effective for storing and verifying
Source: Blockchain is effective for storing and verifying
Source: Blockchain-based ERP provides high-quality data
Source: Blockchain-based ERP provides high-quality data
Automated Audit

Blockchain-based ERP provides high-quality data about the company. The entire data flow provided by the system is transparent, long-term, and reliable. The technology chain allows you to audit automatically and verify huge amounts of data and complex transactions

Building Internal Trust

ERP connects employees from different departments, providing the corresponding information from the single database. When this data is provided by the blockchain, it is durable and reliable, the level of mutual trust of employees grows. More trust means more confidence and efficiency. In combination with the mapping of successes and the task execution system, the work for employees and entire business performance become more orderly and tangible. FCE offers BISTRA as a complex blockchain-backed ERP tool, that has all the necessary functions.

Authentication and Delineation of Access to Data

Access to information about the business processes should be opened after authentication. Secure multi-factor authentication in the blockchain-based ERP system will filter out the presence of a stranger on the network.

Identity confirmation will be a useful feature in dealing with supply chains where employees can be authenticated by their location. Customers, representatives of partner companies, logisticians, and suppliers can also confirm their identity on the blockchain platform.

Management of Supply Chains

Integrating blockchain into systems such as ERP, MES, and WMS is necessary to make the information in these systems trustworthy. The transparency of supply chains ensures the safety of production and delivery at all stages. Besides, the use of blockchain reduces the cost of tracking and monitoring. Blockchain-backed traceability effectively reduces the loss associated with recalls. Blockchain registers every products and materials, location, time of delivery, arrival, sale, etc. FCE Platform uses IoT sensors in combination with blockchain-backed software to control, plan and analyze every step in supply chain. When blockchain enters the tracking system, there is no more room for errors, inaccuracies, and misrepresentation of data.

Unlike regular ERP systems, blockchain-based ERP is more accessible, and can quickly adapt to changing market requirements and outgrow old loss-making system. ERP systems in combination with distributed ledger technology are more customizable, flexible, and reliable for business. However, the way to implementation of a blockchain-backed ERP system starts with consulting. It is better to find the best way to integrate ERP blockchain into a specific business model.




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